Beximco's textile division, which shut down its factories late last year due to financial problems, is set to reopen with support from Japan-Bangladesh ventures Revival Group Co Ltd and Revival Projects Ltd, alongside state-owned Janata Bank.

The initiative is also supported by US-based financing partner Ecomilli, founded by non-resident Bangladeshi professionals, said a joint statement by Beximco and Revival.

The reopening is expected to pave the way for more than 25,000 workers to regain their jobs.

Under the first phase, Revival and Ecomilli will invest $20 million through back-to-back letters of credit (LCs). If factory performance and global demand allow, the investment could rise to $100 million. Production is expected to restart by December 2025.

After last year's political change, Beximco faced high defaulted loans and limited access to new credit. Its Vice Chairman, Salman F Rahman, former private industry and investment affairs adviser to the previous prime minister, was jailed. The company closed all 16 factories in its Gazipur Industrial Park in December that year, affecting thousands of workers.

In the joint statement issued yesterday, Beximco and Revival said all former employees will be reinstated. They will also re-engage past international buyers and secure new global clients.

Khalid Shahrior, head of HR and compliance for Beximco's textile and garment division, told The Daily Star that the spinning and fabric units will reopen first, along with some garment lines. Full operations are expected within six months.

A draft Tripartite Agreement between REVIVAL Projects Ltd, Beximco, and Janata Bank was submitted on 8 October 2025. Janata Bank's board will review it in their next meeting next Tuesday, with all parties expecting a signing within the month.

Beximco owes Janata Bank a total of Tk 23,407 crore.

REVIVAL and Ecomilli leaders are scheduled to visit Dhaka in the third week of November for the official signing ceremony.

SHAREHOLDERS LEFT IN THE DARK

Even though Beximco, a listed firm, announced the lease, it has not formally informed its shareholders.

Osman Kaiser Chowdhury, managing director of Beximco, said the lease is price-sensitive information (PSI) and will be disclosed once final approval is received.

"REVIVAL is not buying Beximco shares. They are leasing the factories to help reopen them," he told The Daily Star.

Saiful Islam, president of the DSE Brokers' Association, said the company should have informed investors sooner. "It is their duty to notify shareholders first," he added.